• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia
TechConnected Logistics

Uber’s Latest Perk for Drivers Is a Fancy Savings Management Service

By
Kia Kokalitcheva
Kia Kokalitcheva
Down Arrow Button Icon
By
Kia Kokalitcheva
Kia Kokalitcheva
Down Arrow Button Icon
August 24, 2016, 9:00 AM ET
Taxi Drivers Protest Possible Uber Expansion In NYC
NEW YORK, NY - JULY 20: An Uber vehicle is viewed in Manhattan on July 20, 2015 in New York City. New York's City Council has proposed two bills last month to limit the number of new for-hire vehicles, as well as to study the rapidly rising industry's impact on traffic. Uber has responded in an open letter arguing that its 6,000 Uber cars out during an average hour are a small part of the city's overall traffic. In cities across the globe Uber has upended the traditional taxi concept with many drivers and governments taking action against the California based company. (Photo by Spencer Platt/Getty Images)Spencer Platt—Getty Images

Uber doesn’t recognize its drivers as employees, but it wants to help them save for retirement.

On Wednesday, the ride-hailing company said it is partnering and making available to its drivers a service called Betterment, a so-called “robo-advisor” that uses algorithms to manage customer investments. Though it will first be available to drivers in Seattle, Chicago, Boston, and New Jersey, the companies say they plan to expand it nationally later this year.

“I think part of the mission when I started the company, from Day 1, was to serve as many people as possible,” Betterment CEO Jon Stein told Fortune of his company’s partnership with Uber.

Though Betterment has a service aimed at employers, providing them with a manageable 401(k) plan for employees, this is the first time the company is directly integrating its consumer-facing service into another company’s app. Uber drivers will be able to access Betterment’s service via the driver app.

Get Data Sheet, Fortune’s technology newsletter.

To make the service appealing, drivers won’t be charged any fees for the first year. Normally, Betterment charges customers various annual fees depending on their balance. If they have less than $10,000, they are charged 0.35% annually, so long as they make a deposit of at least $100 per month. The fees decrease as their account balance increases.

It appears that Uber will be paying the fees for that first year—and the company has “committed some resources,” according to Stein. He declined to elaborate further.

With that said, the new perk for drivers raises some questions. For one, Uber is still embroiled in a class action lawsuit over its classification of drivers as independent contractors instead of employees. Uber, as well as rival Lyft and several other “on-demand” services, have resorted to classifying their drivers or couriers as contractors, so as to skirt on the costs of employee benefits and other employers’ responsibilities.

See also: Judge Rejects Settlement in Uber Driver Expenses Case

As of last week, Uber had yet to settle the lawsuit, after a federal judge declined to approve a $100 million settlement proposal, calling it unfair and inadequate.

Moreover, the company has been criticized by drivers for slashing prices—and effectively, their earnings—at the beginning of the year. Though Uber has maintained that it does so seasonally to help boost demand for rides, and that it readjusts prices if the tactic doesn’t work, drivers maintain that their pay has been negatively impacted.

For drivers who say they now have to work more hours in order to make the same amount of money, saving and investing are likely to be challenging, if not nearly impossible.

Asked about that, Stein replied, “I’m not sure how they could be criticized for making an effort to help drivers save.” He added that his company’s service can work with any account balance size and customer income level.

Other perks Uber offers to its drivers include gas discounts and the ability to get paid instantly.

Learn how to navigate and strengthen trust in your business with The Trust Factor, a weekly newsletter examining what leaders need to succeed. Sign up here.
About the Author
By Kia Kokalitcheva
See full bioRight Arrow Button Icon

Latest in Tech

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • Future 50
  • World’s Most Admired Companies
  • See All Rankings
Sections
  • Finance
  • Leadership
  • Success
  • Tech
  • Asia
  • Europe
  • Environment
  • Fortune Crypto
  • Health
  • Retail
  • Lifestyle
  • Politics
  • Newsletters
  • Magazine
  • Features
  • Commentary
  • Mpw
  • CEO Initiative
  • Conferences
  • Personal Finance
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
About Us
  • About Us
  • Editorial Calendar
  • Press Center
  • Work At Fortune
  • Diversity And Inclusion
  • Terms And Conditions
  • Site Map

Latest in Tech

RetailRetail
Walmart teams with Alphabet for AI-assisted shopping on Gemini
By Jaewon Kang and BloombergJanuary 11, 2026
3 hours ago
Future of WorkColleges and Universities
Top University of Minnesota grads are ‘at least as good, maybe better’ than the best and brightest from Harvard, former Goldman Sachs CEO says
By Jason MaJanuary 10, 2026
20 hours ago
InvestingStock Options
Investor Michael Burry reveals options bet against Oracle
By Carmen Reinicke, Jeran Wittenstein and BloombergJanuary 10, 2026
1 day ago
cappelli
AIHuman resources
AI adoption isn’t an easy way to cut jobs—or easy at all, Wharton professor says: ‘The key thing … is just how much work is involved in doing it’
By Nick LichtenbergJanuary 10, 2026
1 day ago
MagazineNetflix
Netflix’s $82.7 billion rags-to-riches story: How the a DVD-by-mail company swallowed Hollywood
By Natalie JarveyJanuary 10, 2026
1 day ago
Bill Gates speaks onstage at the Bloomberg Philanthropies Global Forum 2025 at The Plaza Hotel on September 24, 2025 in New York City.
AIBill Gates
Bill Gates says AI could be used as a bioterrorism weapon akin to the COVID pandemic if it falls into the wrong hands
By Eleanor PringleJanuary 9, 2026
2 days ago

Most Popular

placeholder alt text
Health
Bill Gates warns the world is going 'backwards' and gives 5-year deadline before we enter a new Dark Age
By Eleanor PringleJanuary 9, 2026
2 days ago
placeholder alt text
Economy
As U.S. debt soars past $38 trillion, the flood of corporate bonds is a growing threat to the Treasury supply
By Jason MaJanuary 10, 2026
23 hours ago
placeholder alt text
C-Suite
Silicon Valley billionaire flies coach out of solidarity: 'If I'm going to ask my employees to do it, I need to do it, too'
By Nick LichtenbergJanuary 9, 2026
2 days ago
placeholder alt text
Economy
Gen Z is rebelling against the economy with ‘disillusionomics,’ tackling near 6-figure debt by turning life into a giant list of income streams
By Jacqueline MunisJanuary 10, 2026
1 day ago
placeholder alt text
Success
Gen Z are arriving to college unable to even read a sentence—professors warn it could lead to a generation of anxious and lonely graduates
By Preston ForeJanuary 9, 2026
2 days ago
placeholder alt text
Success
Diary of a CEO founder says he hired someone with 'zero' work experience because she 'thanked the security guard by name' before the interview
By Emma BurleighJanuary 8, 2026
3 days ago

© 2025 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.